Commentary & Deal Flow

Guidance: 8yr: 6mE+17a

• Issuer: Federal State of Saarland
• Ticker: SAARLD Govt
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Issuer Rating: AAA (Fitch)
• Size: €500m no-grow
• Settlement: 01-Sep-26 (T+4)
• Maturity: 01-Sep-34 (8 years)
• Coupon: 6mE +15 bps, semi annual, act/360 (mod. following, adjusted)
• Interest Pay Dates: Interest payments on 01-Sep & 01-Mar each year, subject to adjustment in accordance with the Business Day. First coupon on 01-Mar-27
• Guidance: 6mE+17 bps area
• Joint Leads: DekaBank, DZ Bank, Helaba(B&D), J.P. Morgan
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
• Denoms/Listing: €1k/Frankfurt
• ISIN/WKN: DE000A383U58 / A383U5
• Timing: Today's business